On October 27, President Shavkat Mirziyoyev chaired a government meeting to review the expected results of economic development in the current year and the main macroeconomic indicators for 2026.
In January-September of this year, the country’s economy grew by 7.6 percent, which significantly exceeds the forecast. Industrial production increased by 6.8 percent, construction by 14.2 percent, services by 14 percent, and agriculture by 4.1 percent.
Gold and foreign exchange reserves grew by 35 percent compared to last year and reached $55 billion. Fitch Ratings raised Uzbekistan’s sovereign rating by one notch for the first time, while Moody’s and S&P Global changed their outlook from “stable” to “positive.”
Household incomes increased by 18.4 percent, deposits by 35.3 percent, and average wages by 19.2 percent. Surveys show that confidence among the population and businesses is growing, and opportunities for employment and income growth are expanding.
The President stressed that maintaining high growth rates until the end of the year and bringing GDP to more than $135 billion is one of the main tasks.
The meeting also reviewed plans for the coming year.
Officials reported that in 2026, it is planned to ensure economic growth of 6.6 percent, bring GDP to more than $150 billion, and keep inflation below 7 percent.
The draft budget for 2026 provides for the preservation of current tax rates.
The head of state noted that next year, cost reduction and efficiency improvement will be the main criteria for the work of managers at all levels.
Specific tasks were set to reduce costs and increase competitiveness in strategic industries, expand private sector participation, streamline the dividend policy of state-owned enterprises, reduce the share of the shadow economy, and increase the revenue base of district and city budgets.
